British Virgin Islands Business, Taxation and Offshore Information
The British Virgin Islands are an English-speaking Dependent Territory of the United Kingdom, located in the Caribbean off Puerto Rico. The BVI is politically stable; under the 1967 constitution, the Governor represents the Queen and heads an Executive Council. There is a 13-member elected Legislative Council.
Until 2005 the only significant tax in the BVI was income tax, which applied to the relatively few local companies and to individuals; there are customs duties and some real estate taxes. The population of 31,150 (2012 est) is of mixed European and Caribbean origin. There is minor tension between the settled population and recently-arrived Caribbean economic migrants. The economy is highly dependent on tourism, with financial services also important. In 2004 the government abolished income tax for companies and individuals, replacing it with a 'payroll' tax, shared between companies and employees. More »